Access more information about working in the regulated area of audit including the Audit Regulations and Guidance.
What is regulated audit work?
This is work that is reserved by law to a 'registered auditor'. Generally it is audit work in relation to a company, but other work - and in relation to other entities - is also reserved to registered auditors. For a full list of work and other entities, see the definition of 'audit' in ICAEW's Audit Regulations and Guidance.
What is a registered auditor?
A registered auditor is a firm that undertakes regulated audit work and that is registered with a recognised supervisory body (RSB) such as the ICAEW.
When does a firm need to become a registered auditor?
Under section 1212 of the Companies Act 2006, a firm can only accept appointment as an auditor if it is a registered auditor under the rules of a RSB such as the ICAEW.
A firm must also be a registered auditor if it audits any organisation which is required by statute or regulation to appoint - as its auditor - a firm eligible to carry out company audits.
Banks, building societies, clubs and associations subject to the Friendly Societies Act or Industrial and Provident Act have to be audited by registered auditors. Some unincorporated charities, clubs or voluntary organisations may require their auditor to be eligible to act as a registered auditor. The specific requirement may be written into the entity's constitution or may be a condition of membership of some other body.
How does a firm become a registered auditor?
If your firm wants to become a registered auditor, it will need to:
- fill in an application form;
- satisfy ICAEW's Audit Registration Committee that it meets the criteria and is a fit and proper firm to carry out audit work;
- pay an annual audit registration fee;
- comply with the Audit Regulations and Guidance;
- comply with the Professional Indemnity Insurance Regulations;
- be monitored by ICAEW.
Within a firm of registered auditors, the individual(s) who sign(s) company audit reports must:
- hold an audit qualification, which normally means satisfying special training requirements; contact aq@icaew.com for more information; and
- be nominated by the firm as a responsible individual.
Which form should our firm use and when?
Regulatory applications and fees
Access more information about the application process, including the 8-12 week’s lead time, the assessment process and fees.
Changes in firm structure – please tell us within 10 business days
It’s important to maintain your firm record accurately. An inaccurate or out of date firm record may constitute a misdescription of your firm. It could also lead to regulatory or disciplinary action.
Ownership and control of Registered Auditors
Registered Auditors must be owned and controlled by individuals who hold the Audit Qualification (or by another Registered Auditor).
For further information about applying for the Audit Qualification please email aq@icaew.com.
UK registered auditor application form and guidance
If the firm's legal status changes (eg, a partnership is to become an LLP), you must reapply for registration. Please see our detailed guidance on which forms are needed when a firm applies for audit registration. This includes the forms we need when a firm changes its legal entity (eg, a partnership becoming an LLP) and when firms merge with or acquire other audit registered practices.
If there's any change to the information ICAEW holds about your firm (as shown on the annual return), you must email details to regulatory.support@icaew.com within 10 business days.
Regulatory applications and fees
Access more information about the application process, including the 8-12 week’s lead time, the assessment process and fees.
Responsible individual application form and guidance
- Application to become a responsible individual
- Application to become a responsible individual - appendix A – section 1
You must reapply for responsible individual (RI) status when you move to a new firm.
Regulatory applications and fees
Access more information about the application process, including the 8-12 week’s lead time, the assessment process and fees.
Changes in firm structure – please tell us within 10 business days
It’s important to maintain your firm record accurately. An inaccurate or out of date firm record may constitute a misdescription of your firm. It could also lead to regulatory or disciplinary action.
Audit affiliate application form and guidance
Individuals or corporate bodies that are principals in an ICAEW-registered audit firm but not members of ICAEW are required to apply for audit affiliate status unless they are members of ICAS, CAI or ACCA. Responsible individuals who are not a member of ICAEW, ICAS, CAI or ACCA, also need to become an audit affiliate.
It may also be necessary to have investment business affiliate status.
Regulatory applications and fees
Access more information about the application process, including the 8-12 week’s lead time, the assessment process and fees.
Changes in firm structure – please tell us within 10 business days
It’s important to maintain your firm record accurately. An inaccurate or out of date firm record may constitute a misdescription of your firm. It could also lead to regulatory or disciplinary action.
